1Q19 results were in line, with DPU of 1.39 S cents/share at 24.1% of our full-year estimate. KREIT continues to achieve high overall occupancy (98.7%) and positive rental reversion (14.4%). Rising office rents on the back of firm leasing momentum (amid tight forward supply) should underpin earnings. A near-term challenge is UBS vacating its ORQ premises in Dec 20, which will create a void period (fit-out periods). Maintain BUY and target price of S$1.35.

SPH acquired three new student accommodation assets which add 1,243 beds to its portfolio and bring total AUM to above S$600m. Recent acquisitions appear more selective, with SPH electing for investments in cities with upper-mid-tier universities, which have more dependable demand. Inorganic expansion is gaining momentum as the group works towards building up a defensive portfolio. Maintain BUY with a revised SOTP-based target price of $2.86.